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Trying to get out of HGVC Timeshare

miss1964

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Purchased a timeshare in April of this year, totally regret it. Should have known better, still did it. Should have walked away in the first 5 days, but was in denial about what a bad decision I had made.

Looking for advice, please no judgment or rude comments about my terrible life choice (I have definitely seen some haters posting on other threads).

I purchased one gold week for the HGVC Las Palmeras.

---
Met with Timeshare Freedom Group for a free consultation, did not buy their services because it just looks like another scam since they are asking for the money upfront ($5k when I only owe about $10k on the loan). However, hoping to use the same tactics they told me they would use.

Essentially they told me the following:

They would send a letter asking for my timeshare to be canceled. Not given back any of the money I have already given them, but not responsible for any more loan payments or maintenance fees.

It would be at my discretion whether I wanted to continue paying the monthly loan payment or stop paying, but just to let them know my choice so they could be aware

I was told that HGVC is one of the easier companies to work with, that they care more about their reputation than my small timeshare. Also told it would be easier because we haven't used our week yet.

They used some shady tactics (I'm sure standard for the industry as whole) and that could play to my advantage. We attended the presentation in Las Vegas for the Elara resort, but we were sold Las Palmeras in Florida. They used this as a way to get around the fact that I am married but my husband does not have a SSN and could not co-sign the loan with me, and turns out Florida is the only state that does not legally require your spouse to co-sign.

They said it would take up to a year to complete the process.
---

It's not that I can't afford it, we are fortunate enough that we don't have any major life stressors like medical issues or anything. We are still living comfortably even with this debt. It's just that I would rather have that large sum of money to apply to different life goals.

I am aware that everyone's experience is different, and will keep that in mind when evaluating suggestions.

I am not interested in filing for bankruptcy at any point. I have worked hard to get my credit to where it is, and the amount we owe on the loan is not worth starting over on my credit.

I am curious about the foreclosure option, as this loan is not reported on any of my three credit reports. It seems that if they choose to foreclose, they may sell the debt to a 3rd party collection agency that could then possible come after me and have that ding my credit? Does anyone have experience with this? We are looking to buy a house in the next couple years, so my guess it's not worth the credit hit to allow this to go to foreclosure.

Has anyone had experience with simply asking them to take the deed back? Especially if they skirted the law like they did in my case with finding the loophole where my husband did not have to co-sign? At this point, I would be okay with just walking away from the money I have given them so far, and not owing anymore on the loan or additional maintenance fees.

I am aware of the option to pay off the loan and sell the property at a loss. This is an option I am considering, but obviously still not ideal.
 

SmithOp

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HGVC King's Land 2BR Premier 14.4K Points.
Its been reported by others that stopped paying on a timeshare and the credit score dropped 50 points. If that is not a problem for you then just stop paying.



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miss1964

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Its been reported by others that stopped paying on a timeshare and the credit score dropped 50 points. If that is not a problem for you then just stop paying.



Sent from my iPad using Tapatalk Pro
Thanks for the info! A 50 point drop would be worth it to me to get out of this without paying the remaining $10k + yearly MF (about $1500)
Do you happen to have links to threads where people have shared their 50 point drop? Would love to look into it more, especially to see if it shows as a loan collection or foreclosure or what.
 

SmithOp

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Thanks for the info! A 50 point drop would be worth it to me to get out of this without paying the remaining $10k + yearly MF (about $1500)
Do you happen to have links to threads where people have shared their 50 point drop? Would love to look into it more, especially to see if it shows as a loan collection or foreclosure or what.
Reported by Grammarhero, msg #3



https://tugbbs.com/forums/index.php?threads/letting-timeshare-foreclose.293351/


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bogey21

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IMO you have a simple decision to make. Either learn to use what you bought or stop paying and suffer the consequences. But whatever you do don't sign up with one of those "We will get you out of your TS" companies. My advice is don't procrastinate. Make a decision one way or the other and go with it...

George
 

mcsteve

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HGVC Elara - Las Vegas
Southwind by Spinnaker - HHI
Egret Point by Spinnaker - HHI
Vacation Village @ Weston
What you have not mentioned is the details of what you purchased. What season? The type of unit that is deeded? How many HGVC points? Is this an every year usage, every other year or something else? This will help with the level of advice that Tug members can provide. Some HGVC ownership's sell well and Hilton may have ROFR which would likely accelerate the return. Selling on Tug or other sites like Redweek are always an option instead of defaulting. Of course, you would definitely need to pay off the loan before attempting to sell.
 

SmithOp

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HGVC King's Land 2BR Premier 14.4K Points.
What you have not mentioned is the details of what you purchased. What season? The type of unit that is deeded? How many HGVC points? Is this an every year usage, every other year or something else? This will help with the level of advice that Tug members can provide. Some HGVC ownership's sell well and Hilton may have ROFR which would likely accelerate the return. Selling on Tug or other sites like Redweek are always an option instead of defaulting. Of course, you would definitely need to pay off the loan before attempting to sell.
From another thread she was sold a 1600 point Las Palmeras, worthless.


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mcsteve

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Southwind by Spinnaker - HHI
Egret Point by Spinnaker - HHI
Vacation Village @ Weston
Wow. You are right, practically worthless even to her as the owner. That’s too bad.
 

bogey21

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Wow. You are right, practically worthless even to her as the owner.
If this is true, discontinuing payments on her loan and letting HGVC foreclose may be the best way to go. OP could look at the payments not made as compensation for whatever hit she takes on her Credit...

George
 

Grammarhero

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Purchased a timeshare in April of this year, totally regret it. Should have known better, still did it. Should have walked away in the first 5 days, but was in denial about what a bad decision I had made.

Looking for advice, please no judgment or rude comments about my terrible life choice (I have definitely seen some haters posting on other threads).

I purchased one gold week for the HGVC Las Palmeras.

---
Met with Timeshare Freedom Group for a free consultation, did not buy their services because it just looks like another scam since they are asking for the money upfront ($5k when I only owe about $10k on the loan). However, hoping to use the same tactics they told me they would use.

Essentially they told me the following:

They would send a letter asking for my timeshare to be canceled. Not given back any of the money I have already given them, but not responsible for any more loan payments or maintenance fees.

It would be at my discretion whether I wanted to continue paying the monthly loan payment or stop paying, but just to let them know my choice so they could be aware

I was told that HGVC is one of the easier companies to work with, that they care more about their reputation than my small timeshare. Also told it would be easier because we haven't used our week yet.

They used some shady tactics (I'm sure standard for the industry as whole) and that could play to my advantage. We attended the presentation in Las Vegas for the Elara resort, but we were sold Las Palmeras in Florida. They used this as a way to get around the fact that I am married but my husband does not have a SSN and could not co-sign the loan with me, and turns out Florida is the only state that does not legally require your spouse to co-sign.

They said it would take up to a year to complete the process.
---

It's not that I can't afford it, we are fortunate enough that we don't have any major life stressors like medical issues or anything. We are still living comfortably even with this debt. It's just that I would rather have that large sum of money to apply to different life goals.

I am aware that everyone's experience is different, and will keep that in mind when evaluating suggestions.

I am not interested in filing for bankruptcy at any point. I have worked hard to get my credit to where it is, and the amount we owe on the loan is not worth starting over on my credit.

I am curious about the foreclosure option, as this loan is not reported on any of my three credit reports. It seems that if they choose to foreclose, they may sell the debt to a 3rd party collection agency that could then possible come after me and have that ding my credit? Does anyone have experience with this? We are looking to buy a house in the next couple years, so my guess it's not worth the credit hit to allow this to go to foreclosure.

Has anyone had experience with simply asking them to take the deed back? Especially if they skirted the law like they did in my case with finding the loophole where my husband did not have to co-sign? At this point, I would be okay with just walking away from the money I have given them so far, and not owing anymore on the loan or additional maintenance fees.

I am aware of the option to pay off the loan and sell the property at a loss. This is an option I am considering, but obviously still not ideal.
@miss1964 if you default please kindly let us know the results. It would be helpful to others in the same situation in the future. I have it that 6/10 for their credit affected
 

CalGalTraveler

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I would recommend contacting HGVC resale department (look at "responsibleexit" for contact info.) (If sales calls, do not talk to them because they will try to upsell you).

Let them know that you have not used the timeshare. You were deceived as to the value (worth $0 resale) and want to deed it back to them in exchange for forgiving the debt. Remind them of monies you paid in already and also that you haven't used it yet so they are receiving money for nothing. This will serve as compensation for their administrative effort. Otherwise you plan to default on the loan but wanted to give them a less costly option to close this account out before pursuing that option. (FWIW...They likely will decline because there is a mortgage but worth a try.)

If they say pay $1000 or less and get out, I would go that route and write it off as an expensive lesson. Otherwise you can default if you feel the risk is worth it.

Full Disclosure: I am not a lawyer and have no experience with defaulting or deedbacks. TUG past experiences with credit decline may not be an indicator of future actions a company may pursue.
 
Last edited:

miss1964

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I would recommend contacting HGVC resale department (look at "responsibleexit" for contact info.) (If sales calls, do not talk to them because they will try to upsell you).

Let them know that you have not used the timeshare. You were deceived as to the value (worth $0 resale) and want to deed it back to them in exchange for forgiving the debt. Remind them of monies you paid in already and also that you haven't used it yet so they are receiving money for nothing. This will serve as compensation for their administrative effort. Otherwise you plan to default on the loan but wanted to give them a less costly option to close this account out before pursuing that option. (FWIW...They likely will decline because there is a mortgage but worth a try.)

If they say pay $1000 or less and get out, I would go that route and write it off as an expensive lesson. Otherwise you can default if you feel the risk is worth it.

Full Disclosure: I am not a lawyer and have no experience with defaulting or deedbacks. TUG past experiences with credit decline may not be an indicator of future actions a company may pursue.

that's great advice, thank you
 

miss1964

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Update for anyone interested - spoke with a lawyer (didn't pay, just had a consultation) and will be submitting a letter outlining violations of Unfair and Deceptive Trade Practice Act. Not putting much faith in this initial approach, but it's free to me so worth a shot. Will continue to post updates on progress.
 

RCE-Ohio

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Hi. Just wondering - miss1964 any progress or update on your letter or in divesting yourself of your TS?
 

Grammarhero

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Update for anyone interested - spoke with a lawyer (didn't pay, just had a consultation) and will be submitting a letter outlining violations of Unfair and Deceptive Trade Practice Act. Not putting much faith in this initial approach, but it's free to me so worth a shot. Will continue to post updates on progress.
Good afternoon, to help other tuggers in similar situations, would you kindly let me know if you decided to stop paying and, if so, whether your credit got affected? You may DM or PM me.
 
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